Whole Life – is it appropriate and should I get multiple quotes?

Hey all,
I'm a little confused about whether I should get my whole life or term. Reading some posts, people say avoid whole life, but it seems like a much better option than term, more as a vehicle for wealth, or I am missing something…

41, male, self-employed, my business generates around $1MM in revenue. I put ~$150k-200k in a defined benefit plan which has a balance of ~$1.2M and pay myself a salary of $300k. I have a couple of investment properties generating ~$40k a year in revenue and own my house outright. Around $300k in stocks and another couple hundred k in cash lying around.

I'm looking to do a whole life policy, I was quoted one from Northwestern for $25k/year $850k blended term. I'm wondering, is this a good move? Ultimately, the fact it remains essentially an asset makes more sense to me than having a term, which seems more like a sunk cost. The way I read it is that I'm spending $624k through 65years but I can draw against that and ultimately should I live to 81 the benefit is $2.5MM vs $0 for a term which would have expired…. am I missing something here?

Also, wondering should I go elsewhere for quotes? (probably yes) – the person I am working with is affiliated with NWM so figure NY Life and Mass Mutual might be good comparisons?

submitted by /u/RunningJay
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